Mortgage Rates Calm Down, 30-Yr Rate Settles Back To 4.29%

By Michael Aneiro

Mortgage rates settled back down a bit last week after their quantum leap higher a week earlier had taken the average 30-year fixed-rate mortgage rate to 4.46% from 3.93% in the span of a week. This week’s reading was 4.29%, per the latest Freddie Mac (FMCC) weekly Primary Mortgage Market Survey released today, still nearly a full percentage point higher than the 3.35% rate seen in early May. The move lower in mortgage rates comes as the Treasury market settled down as well following the sharp selloff two weeks ago.

The average 15-year fixed-rate mortgage rate also fell to 3.39% this week from 3.50% a week ago, still up sharply from 3.04% two weeks ago, up from an all-time low 2.56% during the week ended May 2.